Debit Card And Things You Need To Know

Debit Card

A Debit card is a plastic or metallic card provided by the bank to their user it is also commonly known as an ATM card,
It is a payment card used to pay money directly from your bank account for any sort of purchase you make daily,
every time you swipe your card the amount will be deducted from your account directly,
it reduces the burden of carrying the cash.

A debit card allows the account holder to make the transaction using it, there is no requirement for the customer to visit
the branch every time if he or she is in the needs to withdraw the amount from their savings account,
most of the bank provides the added benefits to the account holder and ask to use a debit card as much as possible
because it helps to increase eco-friendly environment.

Debit cards were introduced in the mid-1970s since then there has been a huge drastic change in the banking sector allowed all the customers hassle-free transactions in day-to-day life.


Here are a few things you need to know about Debit card before using them :


  1. ATM fees will cost you:
    Although debit cards provide you the means of immediate financial assistance there is a certain amount
    dedicated from your bank account’s annual charges and a certain percentage on every transaction you make.
  2. Don’t Use Your Debit Card For Online Shopping:
     As debit cards are easy to use, and easy to blind fall once you add the details of your debit card to any of the
    shopping sites they can get access to all your accounts which leads you to a greater risk of fraud.
  3. Stay accountable for your spending:
    It means you can get access to the records of your transactions any time you require in case of a cash transaction
    some times you won’t be able to provide the sum of the amount you’ll be spending but in the case of a debit card,
    you’ll be having a statement at your fingers tip.
  4. Earn rewards:
    Earn rewards means every bank have a unique offer to promote the usage of their debit card in the market
    so that they can promote their brand everywhere, for instance, HDFC bank provides a 10% additional discount
    attracts 100 more customers.
  5. Liability for fraudulent purchases:
    In most cases of fraudulent purchases from a debit card is payable by the account holder the bank is not liable for
    the loss of the customers, in some cases the losses of up to 100000 purchase protection are provided the customer
    in good faith.
  6. Security issues:
    In case you lose your debit card and the thief learns about your pin of your debit card
    he can immediately access your account and he can withdraw all your money.
  7. Additional fees on ATM withdrawals:
    There are certain rules in using a debit card, for instance,
    you can use your debit cards as many times as you want to swipe or pay but you are only
    allowed to use your debit in an ATM around only 5-8 times a month if in case of additional
    use you’ll be liable to pay an additional charge as per banks rules.
  8. No credit allowed:
    The debit card does not provide you overdraft facility while the same facility is provided by the credit card,
    you can use a debit card to the extent of your balance in the account.



As we have covered few things about “Debit Card And Things You Need To Know”. Although debit card provides you
the best benefits we have to consider all the above-mentioned points to get a better understanding of your bank.


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